New rules from the Pakistan Federal Board of Revenue (FBR or the Board) will require withholding agents to update their profiles in the FBR's record and install and integrate FBR-approved software to ensure transactions subject to withholding tax are completed through this software.The FBR introduced new rules for the Synchronized Withholding Administration and Payment System (SWAPS) by releasing a notification on 21 March 2024. These rules for SWAPS agents will commence on a date designated by the FBR.Agents are obliged to update their profiles in the FBR's record, integrate FBR-approved software to process transactions subject to income tax withholding and...